Gold prices shattered records on Monday, surging above $3,950 per ounce for the first time as geopolitical tensions and a U.S. government shutdown amplified safe-haven demand.
Record-Breaking Gold Rally: Prices Top $3,950 as Safe-Haven Demand Soars
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Spot gold climbed to a peak of $3,950 before settling around $3,948, marking a 2.7% weekly gain driven by weak U.S. jobs data, falling bond yields, and a dovish Federal Reserve outlook that weakened the dollar. Over the past month, prices have risen 8.25%, fueled by central bank buying and inflation hedging, with UBS analysts eyeing $4,200 by year-end amid persistent macro risks.
Yet, overbought signals flash caution: traders watch for pullbacks to $3,600-$3,700 levels, as short-term corrections could precede fresh highs. Ahead, focus shifts to U.S. payrolls, inflation readings, and escalating conflicts in Ukraine and Taiwan, which could propel gold toward $4,000 if uncertainties deepen. Institutional flows into exchange-traded funds (ETFs) remain robust, underscoring gold’s allure as a portfolio shield in turbulent times, though profit-taking looms if equities rebound.
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WRITTEN BYBitcoin.com News DeskEditorial Desk Reporter
The Bitcoin.com News Desk publishes timely reporting on market developments, protocol updates, regulatory changes, and industry announcements across the cryptocurrency sector.
